The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Shree Jindal Soya Limited (Operational Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Diamond Traexim Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments related to a High Seas Sale Agreement for the supply of Crude Palm Oil. The Corporate Debtor raised an objection based on a pre-existing dispute, citing a pending proceeding under Section 34 of the Arbitration and Conciliation Act, 1996.
M/s Shree Jindal Soya Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against M/s Diamond Traexim Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a High Seas Sale Agreement dated 2018-09-18, under which the Operational Creditor supplied Crude Palm Oil to the Corporate Debtor. The Operational Creditor raised an invoice No. 15/2018-19 dated 2018-09-18 for Rs.8,28,00,000. The Corporate Debtor failed to make the payments, leading the Operational Creditor to initiate Arbitral Proceedings, resulting in an Arbitration award dated 2019-09-24. The Operational Creditor sent a Demand Notice dated 2020-07-10 under Section 8
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Execution of High Seas Sale Agreement between…
Operational Creditor…
The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s Shree Jindal Soya Limited (Operational Creditor) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Diamond Traexim Private Limited (Corporate Debtor). The Operational Creditor claimed that the Corporate Debtor defaulted on payments related to a High Seas Sale Agreement for the supply of Crude Palm Oil. The Corporate Debtor raised an objection based on a pre-existing dispute, citing a pending proceeding under Section 34 of the Arbitration and Conciliation Act, 1996.
M/s Shree Jindal Soya Limited (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against M/s Diamond Traexim Private Limited (Corporate Debtor). The Operational Creditor and Corporate Debtor entered into a High Seas Sale Agreement dated 2018-09-18, under which the Operational Creditor supplied Crude Palm Oil to the Corporate Debtor. The Operational Creditor raised an invoice No. 15/2018-19 dated 2018-09-18 for Rs.8,28,00,000. The Corporate Debtor failed to make the payments, leading the Operational Creditor to initiate Arbitral Proceedings, resulting in an Arbitration award dated 2019-09-24. The Operational Creditor sent a Demand Notice dated 2020-07-10 under Section 8
…Execution of High Seas Sale Agreement between…
Operational Creditor…